Aug
29

Parking Rates in Columbia’s CBD Remain Stable

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Monthly parking rates for parking garages in Columbia’s Central Business District remained stable at mid-year 2011 with a median rate of $85 per month for reserved spaces and $65 per month for non-reserved spaces, according to the most recent survey by Colliers International.

Available surface parking continued to be an affordable alternative to garage parking at mid-year 2011 with a median rate for surface parking of $50 per month.

The vacancy rate for parking garages in Columbia’s Central Business District was 39.94% at mid-year 2011, while garages adjacent to Main Street properties realized a lower vacancy rate of 30.26%, Colliers said. The difference in vacancy rates can be attributed to both an increase in demand for parking along Columbia’s Main Street and higher vacancies in the two city-owned garages in the Vista, Colliers said.

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